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Copper & Oil Down on China’s Manufacturing & US Home Sales

April 23, 2013 at 4:16 by Vladimir Vyun

Copper and crude oil declined today as China’s manufacturing expansion slowed. The HSBC Flash China Manufacturing Purchasing Managers’ Index slipped from 51.6 in March to 50.5 in April. On top of that, US existing home sales declined from 4.95 million in February to 4.92 million in March instead of rising to 5.02 million as was predicted.

The poor reports hurt markets. The Standard & Poor’s GSCI Index of commodities dropped 0.2 percent today. This week started with fairly good market sentiment, but it was quickly spoiled by the news from China and the United States.

June futures for WTI oil declined $0.43 (0.48 percent) to $88.76 per barrel as of 4:12 GMT on NYMEX today, while Brent crude dropped $0.4 (0.4 percent) to $99.99 per barrel on ICE. Copper contract for delivery in July went down $0.0265 (0.84 percent) to $3.1175 per pound on COMEX.

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